• PAT and other income: Revenue and EBITDA margins were in line with guidance, but PAT dropped sharply due to mark-to-market losses of -₹33 crore on the company's ₹3,000+ crore treasury portfolio amid interest rate and equity market volatility.
• Subscriber growth outlook: Paying subscriber additions have experienced negative growth for two quarters following price hikes and geopolitical tensions, with subscriber addition pain expected to persist for one more quarter.
• Buyer verification measures: Unique inquiries per supplier softened by almost 1% year-on-year because of new buyer-side verification processes aimed at increasing marketplace trust, which may keep inquiries subdued for a few quarters.
• Accounting investments performance: The accounting vertical has seen strong growth, with Busy generating nearly ₹170 crore in collections, ₹119 crore in revenue, and around ₹45 crore in cash from operations for the financial year.
• MSME demand recovery: Management expects MSME sentiment and demand to recover over the next two to three quarters once oil prices, interest rates, and broader geopolitical uncertainties stabilize.